Tesla earned $1.48 billion in net profit in the second quarter of 2024. Compared to the same period in 2023, the figure decreased by 45%. This is evidenced by the manufacturer's financial statements, The Verge reports.
At the same time, Tesla's revenue in the period under review reached $25.5 billion, up 2% year-on-year from $24.9 billion.
In its letter to shareholders, Tesla noted the fact that sales of electric vehicles have returned to growth globally, which, according to the company, is due to improved customer sentiment.
“We believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as the myths on range, charging and service are debunked,” Tesla stated.
Shortly before that, Tesla published a report on deliveries and production that turned out to be better than expected, which led to a rapid rise in the company's shares. Tesla is producing and delivering fewer cars than a year ago - by 4.76% and 14%, respectively - but this still exceeds Wall Street's expectations, which predicted much worse numbers.
Over the past year, the company under Elon Musk's leadership has been in a lot of turmoil. Tesla abandoned its plan to create a more affordable Model 2 car and then returned to it. Musk announced the presentation of the Robotaxi in August, but then postponed it to October.
The company began a massive series of layoffs, including the Supercharger team, and then hired many people back. Tesla shareholders have again approved a huge pay package for Elon Musk after a judge overturned the first one.